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Emergence of product differentiation from consumer heterogeneity and asymmetric information. (English) Zbl 1189.91088

Summary: We introduce a fully probabilistic framework of consumer product choice based on quality assessment. It allows us to capture many aspects of marketing such as partial information asymmetry, quality differentiation, and product placement in a supermarket.

MSC:

91B42 Consumer behavior, demand theory
91B80 Applications of statistical and quantum mechanics to economics (econophysics)
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References:

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